Indirect Tax Technology Cost Estimates and Implementation Considerations
There are two main approaches businesses go about implementing and managing their indirect tax tech stack. Some corporations use multiple point solutions from various tax technology vendors while others rely on a single comprehensive platform. In both cases, there are several key cost and risk factors that must be considered.
This cost calculator framework is intended to help businesses to calculate the Total Cost of Ownership (TCO) of their current indirect tax compliance vendors vs. a centralized, global approach.
The final decision on vendor/solution selection should weigh the initial and ongoing costs against the several factors, including:
- Efficiency Gains: Estimate efficiency gains in time, reduced errors, and smoother operations with a single platform versus multiple systems.
- Risk Mitigation: Factor in the potential costs of non-compliance, penalties, or audit failures due to system inefficiencies or integration issues.
- Scalability & Future Costs: Consider the long-term scalability of each option and the potential future costs as the business grows and regulations change.
Ready to transform your compliance?
Download the calculator to learn more.